I created an enity and am looking to create credit for this enity. Do you guys sign up for a Duns and Bradstreet number.
How do you build credit for your commerical loans?
@Prashant P. - Getting a DUNS number for your business is extremely important; I definitely recommending doing that to build your entity's credit.
When getting a DUNS # they ask for a corrispoinding SIC code number, and I can not find any that have anything do do with real estate investing that are actually shown on DnB site. What have others used when registering to get their DUNS #
I use 6799 - Investor, not classified elsewhere.
When you sign up for a DUNS number, and after you sign up, they will try hard (really really hard) to get you to pay for their upgraded packages.
Your experience may be different, but I haven't found any value in them.
I agree with A DUNS # is imprortant to get. Also agree that paying DUNS for anything beyond that is not necessary. Once you have the number pick 2-3 suppliers that report to DUNS. I believe home depot credit accounts (where you pay in full every month) qualify as do similiar accounts at staples and officemax. Purchase something from them each month on the account and then pay in FULL IMMEDIATELY upon receiving the bill. After 6-9 months approach a local credit union and get a small ($500) credit account using only the DUNS number, no SSN or personal guarantee. You may need to deposit $500 into a savings account with them initially and as your relationship grows so too will your credit and limit. Hope that helps!
Does anyone know how to monitor your DUNS number without paying a fee? I haven't checked mine in years and I am curious what it is.
I set it up initially as well but they keep calling every 3-4 months trying to upsell. Not sure yet if DNB actually helps yet. Mines only been reqistered for a couple years.
thanks BP. I am trying to get a DUNS number but the girl on the phone wants me to pay $1399. I told her no and now she offers up a $800 package for a limited time. Will take everyone's advice and just get a DUNS number without paying any extra. Thanks!